Introduction to Business Analytics Chapter Exam
Questions
Course Introduction
Introduction to Business Analytics introduces students to the fundamental concepts, techniques, and tools used to analyze business data and inform decision-making. Covering topics such as data collection, data visualization, descriptive and predictive analytics, and statistical analysis, the course explores how organizations can leverage data to gain competitive advantage. Students will learn the basics of using spreadsheet software and analytical platforms, interpret business problems, and communicate insights effectively to stakeholders. By completing the course, students will gain a practical foundation for applying business analytics across various industries and functional areas.
Recommended Textbook
Essentials of Business Statistics 1st Canadian Edition by Ken Black
Available Study Resources on Quizplus
15 Chapters
1055 Verified Questions
1055 Flashcards
Source URL: https://quizplus.com/study-set/2418
Page 2
Chapter 1: Introduction to Statistics
Available Study Resources on Quizplus for this Chatper
60 Verified Questions
60 Flashcards
Source URL: https://quizplus.com/quiz/48057
Sample Questions
Q1) Which of the following does \(\textbf{ not }\) reflect statistics?
A) It describes ways of analyzing categorical data.
B) It describes methods of collecting data.
C) It involves interpreting data.
D) It describes methods of analyzing data.
Answer: A
Q2) On discovering an improperly adjusted drill press, Jack Joyner, Director of Quality Control, ordered an inspection of every fifth casting drilled during the evening shift. Less than 1% of the castings were defective; so, Jack released the evening shift's production to assembly. This is an example of ___.
A) categorical data
B) quantitative data
C) descriptive statistics
D) inferential statistics
E) judgmental statistics
Answer: D
Q3) A descriptive measure of the sample is called a statistic.
A)True
B)False
Answer: True
To view all questions and flashcards with answers, click on the resource link above. Page 3
Chapter 2: Organizing and Visualizing Data
Available Study Resources on Quizplus for this Chatper
95 Verified Questions
95 Flashcards
Source URL: https://quizplus.com/quiz/48058
Sample Questions
Q1) In a frequency distribution, the first class interval begins at 18. The midpoint of the first class interval is 19.5, and the midpoint of the last class interval is 49.5. How many class intervals are there?
A) 11
B) 17
C) 22
D) 33
E) 34
Answer: A
Q2) The total energy consumption (in kWh) for the month of July 2017 for a sample of 28 houses in a certain city is shown below: 573 466 622 539 480 653
510 672 434 581 506 570 487. Beginning the first class at 400 and using a class with of 50, develop a cumulative frequency distribution for the data.
Answer: 11ea645c_71c4_99f5_9252_13bbe5a3e5da_TB1679_00
To view all questions and flashcards with answers, click on the resource link above. Page 4
Chapter 3: Descriptive Statistics
Available Study Resources on Quizplus for this Chatper
53 Verified Questions
53 Flashcards
Source URL: https://quizplus.com/quiz/48059
Sample Questions
Q1) The sample standard deviation is calculated by taking the square root of the population standard deviation.
A)True
B)False
Answer: False
Q2) If the median of a distribution is greater than mean, then the distribution is skewed to the left.
A)True
B)False
Answer: True
Q3) Data values outside the fences in a distribution using a box and whisker plot are
A) inliers
B) outliers
C) boxliers
D) fenceliers
Answer: B
To view all questions and flashcards with answers, click on the resource link above.
Page 5
Chapter 4: Gathering Data
Available Study Resources on Quizplus for this Chatper
44 Verified Questions
44 Flashcards
Source URL: https://quizplus.com/quiz/48060
Sample Questions
Q1) Abel Alonzo, Director of Human Resources, is exploring employee absenteeism at the Harrison Haulers Plant. Abel knows that absenteeism varies significantly between departments. For example, workers in the wood shop are absent more than those in the tuning department and the size of the departments ranges from 40 to 120 workers. He orders a random sample of 10% of the workers from each of the six departments. Abel's sample is a ___.
A) proportionate systematic sample
B) proportionate stratified sample
C) disproportionate systematic sample
D) disproportionate stratified sample
E) proportionate cluster sample
Q2) In a random sampling technique, every unit of the population has a randomly varying chance or probability of being included in the sample.
A)True
B)False
Q3) Saving time and money are reasons to take a sample rather than do a census. A)True
B)False
Q4) What is the difference between a census and a sample?
To view all questions and flashcards with answers, click on the resource link above. Page 6
Chapter 5: Probability
Available Study Resources on Quizplus for this Chatper
83 Verified Questions
83 Flashcards
Source URL: https://quizplus.com/quiz/48061
Sample
Questions
Q1) Max Sandlin is exploring the characteristics of stock market investors. He found that sixty percent of all investors have a net worth exceeding $1,000,000; 20% of all investors use an online brokerage; and 10% of all investors a have net worth exceeding $1,000,000 and use an online brokerage. An investor is selected randomly, and E is the event "net worth exceeds $1, 000, 000," and O is the event "uses an online brokerage." P(O|E) = ___.
A) 0.17
B) 0.50
C) 0.80
D) 0.70
E) 0.88
Q2) Define the following terms:
a) an experiment,
b) an event, c) a sample space.
Q3) What are the three methods of assigning probabilities?
Q4) If two events are mutually exclusive, then their joint probability is always zero.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
Page 7
Chapter 6: Decision Analysis and Expected Value
Available Study Resources on Quizplus for this Chatper
42 Verified Questions
42 Flashcards
Source URL: https://quizplus.com/quiz/48062
Sample Questions
Q1) The volume of liquid in an unopened 5.68 litre can of paint is an example of ___.
A) the binomial distribution
B) both discrete and continuous variable
C) a continuous random variable
D) a discrete random variable
E) a constant
Q2) In a decision-making scenario, if it is \(\textbf{ not }\) known which of the states of nature will occur but the probabilities of occurrence of the states are known the scenario is called decision-making under risk.
A)True
B)False
Q3) The number of finance majors within the School of Business is an example of ___.
A) a discrete random variable
B) a continuous random variable
C) the Poisson distribution
D) the normal distribution
E) a constant
To view all questions and flashcards with answers, click on the resource link above. Page 8
Chapter 7: Discrete Probability Distributions
Available Study Resources on Quizplus for this Chatper
85 Verified Questions
85 Flashcards
Source URL: https://quizplus.com/quiz/48063
Sample Questions
Q1) One hundred policyholders file claims with CareFree Insurance. Ten of these claims are fraudulent. Claims manager Earl Evans randomly selects four of the one hundred claims for thorough investigation. If x represents the number of fraudulent claims in Earl's sample, x has a ___.
A) normal distribution
B) hypergeometric distribution, but may be approximated by a binomial C) binomial distribution, but may be approximated by a normal D) binomial distribution, but may be approximated by a Poisson E) exponential distribution
Q2) A student randomly guesses the answers to a five question true/false test. If there is a 50% chance of guessing correctly on each question, what is the probability that the student misses exactly 1 question?
A) 0.200
B) 0.031
C) 0.156
D) 0.073
E) 0.001
To view all questions and flashcards with answers, click on the resource link above.
9
Chapter 8: Continuous Distributions
Available Study Resources on Quizplus for this Chatper
64 Verified Questions
64 Flashcards
Source URL: https://quizplus.com/quiz/48064
Sample Questions
Q1) If x is continuously uniformly distributed over the interval 8 to 12, inclusively (8 \(\le\) x \(\le\) 12), then the probability, P(9 \(\le\) x \(\le\) 11) is ___.
A) 0.250
B) 0.500
C) 0.333
D) 0.750
E) 1.000
Q2) Let z be a normal random variable with mean 0 and standard deviation 1. What is P(z < 1.3)?
A) 0.4032
B) 0.9032
C) 0.0968
D) 0.3485
E) 0.5485
Q3) A standard normal distribution has a mean of one and a standard deviation of three.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
10
Chapter 9: Sampling Distributions
Available Study Resources on Quizplus for this Chatper
65 Verified Questions
65 Flashcards
Source URL: https://quizplus.com/quiz/48065
Sample Questions
Q1) Albert Abbasi, VP of Operations at Ingleside International Bank, is evaluating the service level provided to walk-in customers. Accordingly, he plans a sample of waiting times for walk-in customers. If the population of waiting times has a mean of 15 minutes and a standard deviation of 4 minutes, the probability that Albert's sample of 64 will have a mean between 13.5 and 16.5 minutes is ___.
A) 0.9974
B) 0.4987
C) 0.9772
D) 0.4772
E) 0.5000
Q2) According to the central limit theorem, for samples of size 64 drawn from a population with \(\mu\) = 800 and \(\sigma\)= 56, the standard deviation of the sampling distribution of sample means would equal ___.
A) 7
B) 8
C) 100
D) 800
E) 80
To view all questions and flashcards with answers, click on the resource link above.
11
Chapter 10: Confidence Intervals
Available Study Resources on Quizplus for this Chatper
82 Verified Questions
82 Flashcards
Source URL: https://quizplus.com/quiz/48066
Sample Questions
Q1) Elwin Osbourne, CIO at GFS, Inc., is studying employee use of GFS email for non-business communications. A random sample of 200 email messages was selected. Thirty of the messages were \(\textbf{ not }\) business related. The 90% confidence interval for the population proportion is ___.
A) 0.108 to 0.192
B) 0.153 to 0.247
C) 0.091 to 0.209
D) 0.145 to 0.255
E) 0.255 to 0.265
Q2) Catherine Chao, Director of Marketing Research, is evaluating consumer acceptance of a new toothpaste package. Her staff reports that 17% of a random sample of 200 households prefers the new package to all other package designs. If Catherine concludes that 17% of all households prefer the new package, she is using ___.
A) a point estimate
B) a range estimate
C) a statistical parameter
D) an interval estimate
E) an exact estimate
To view all questions and flashcards with answers, click on the resource link above. Page 12
Chapter 11: Hypothesis Testing for Single Populations
Available Study Resources on Quizplus for this Chatper
77 Verified Questions
77 Flashcards
Source URL: https://quizplus.com/quiz/48067
Sample Questions
Q1) The executives of CareFree Insurance, Inc. feel that "a majority of our employees perceive a participatory management style at CareFree." A random sample of 200 CareFree employees is selected to test this hypothesis at the 0.05 level of significance. Ninety employees rate the management as participatory. The appropriate decision is
A) do not reject the null hypothesis
B) reject the null hypothesis
C) reduce the sample size
D) increase the sample size
E) maintain status quo
Q2) The first step in testing a hypothesis is to establish a true null hypothesis and a false alternative hypothesis.
A)True
B)False
Q3) Generally speaking, the hypotheses that business researchers want to prove are stated in the alternative hypothesis.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 13
Chapter 12: Hypothesis Testing for Two Populations
Available Study Resources on Quizplus for this Chatper
72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/48068
Sample Questions
Q1) To determine if there is a difference in the speed of a wireless router from two different manufacturers, a network manager will draw independent samples of wireless routers from the two manufacturers and compare the difference in the sample means for the connection speed.
A)True
B)False
Q2) Sets of matched samples are also referred to as dependent samples.
A)True
B)False
Q3) If the populations are normally distributed but the population variances are unknown the t statistic can be used as the basis for statistical inferences about the difference in two population means using two independent random samples.
A)True B)False
Q4) In a set of matched samples, each data value in one sample is related to or matched with a corresponding data value in the other sample. A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 14
Chapter 13: Analysis of Variance Anova
Available Study Resources on Quizplus for this Chatper
45 Verified Questions
45 Flashcards
Source URL: https://quizplus.com/quiz/48069
Sample Questions
Q1) As director of the employee wellness and productivity program in your company, you are interested in comparing the effects of strength training, aerobic training, and yoga on decreasing rates of injury and absenteeism. The company has 9 divisions with roughly the same number of employees, and you randomly assign 3 divisions to participate in strength training, 3 to aerobic training, and 3 to yoga. Your alternative hypothesis is ___.
A)\(\mu\)<sub>1</sub>\(\neq\)\(\mu\)<sub>2</sub>\(\neq\)\(\mu\)<sub>3</sub >
B) \(\mu\)<sub>1</sub> \(\ge\)\(\mu\)<sub>2</sub> \(\ge\) \(\mu\)<sub>3</sub>
C) \(\mu\)<sub>1</sub>\(\le\) \(\mu\)<sub>2</sub> \(\le\)\(\mu\)<sub>3</sub>
D)\(\mu\)<sub>1</sub>=\(\mu\)<sub>2</sub>=\(\mu\)<sub>3</sub>
E) at least one of the means is different from the others
Q2) Determining the table value for the F distribution requires two values for degrees of freedom.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 15
Chapter 14: Linear Correlation and Simple Linear Regression Analysis
Available Study Resources on Quizplus for this Chatper
110 Verified Questions
110 Flashcards
Source URL: https://quizplus.com/quiz/48070
Sample Questions
Q1) If there is positive correlation between two sets of numbers, then ___.
A) r = 0
B) r < 0
C) r > 0
D) SSE =1
E) MSE = 1
Q2) The numerical value of the coefficient of correlation must be ___.
A) between -1 and +1
B) between -1 and 0
C) between 0 and 1
D) equal to SSE/(n - 2)
E) between 0 and -1
Q3) The coefficient of determination is the proportion of variability of the dependent variable (y) accounted for or explained by the independent variable (x).
A)True
B)False
Q4) Regression methods can be pursued to estimate trends that are linear in time.
A)True
B)False
16
To view all questions and flashcards with answers, click on the resource link above.
Chapter 15: Categorical Versus Categorical: Tests
Available Study Resources on Quizplus for this Chatper
78 Verified Questions
78 Flashcards
Source URL: https://quizplus.com/quiz/48071
Sample Questions
Q1) The null hypothesis in a chi-square goodness-of-fit test is that the observed distribution is the same as the expected distribution.
A)True
B)False
Q2) A two-way table used for a test of independence is sometimes called a contingency table.
A)True B)False
Q3) A chi-square goodness-of-fit test is to be performed to see if data fit the Poisson distribution. There are 6 categories, and must be estimated. How many degrees of freedom should be used?
A) 6
B) 5
C) 4
D) 3
E) 2
To view all questions and flashcards with answers, click on the resource link above. Page 17